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Ta :)
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Wednesday, 16 January 2013
52 week Money Saving Challenge
I must admit, I don't spend my money as I wisely as I can. I'm also not saving as much as I should. Recently I saw a 52 week money saving challenge in a number of blogs, and decide to take it on. It is not easy but I'm willing to take it on. Basically you put away money each week, then keep adding more each week. For example, 1st week you put away R7, then the following add R14, then R21 and so on. I was supposed to have started it on the first week of January but I've only found bout the challenge this week. Now this week being the third one of the month I've started with R42.00 to catch up. However, as the money increases at the later stage of the challenge it will be much easier for me to put away the money on a monthly basis. I know this sounds a little complicated, but the table below from namina.co.za will simplify it. I hope you find this post helpful. Please share your opinion on money saving.
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I prefer to save money in chunks, rather than in small amounts. Depending on the savings account you have, e.g. I know Capitec generates interest per day according to your balance, this would work wonders in terms of interest returns. I have a certain amount I save every month, and I stick religiously to it. I keep increasing when there is provision in my budget, to eliminate wasting money. So if (a big IF) at the end of the month I have money left in my daily account, I transfer it to my savings.
ReplyDeleteAll the best with the challenge.
Love Sindz
Sounds like you have a hang of this saving thing Sindz, and you're disciplined too. Will keep you posted on the challenge.
Deletexx
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ReplyDeleteThis is an awesome idea, I agree with Sindie too, its great to have a set amount of money you save each day and to stick to it even if you start with R 300 bucks. But this challenge is also really fun because it gives you something to focus on as far as your money is concered, something other than spending money on things you could have done with out.
ReplyDeleteWe at "On the other side of democracy" will be joining in on the challenge at the start of February. Please sachee on down to our blog, its a socio/political/entertainment blog for young South Africans like you guys we have fun topics join in!